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Western Financial Group Announces the Exercise of Underwriters' Option

Western Financial Group Inc. (TSX: WES) (“Western Financial”) is pleased to announce, in connection with its previously announced equity financing, that the underwriting syndicate co-led by Desjardins Securities Inc. and Jennings Capital Inc., and including CIBC World Markets Inc., TD Securities Inc. and Acumen Capital Finance Partners Limited, have agreed to purchase an additional 2,025,000 Common Shares of Western Financial at a price of Cdn $3.50 per share pursuant to the exercise of the Underwriters’ Option for total gross proceeds to Western Financial of Cdn $23.1 million.

Western Financial has granted the underwriters an over-allotment option exercisable for 30 days following the closing of the offering to purchase up to an additional 990,000 shares at a price of $3.50. The closing date of the offering is expected to be on or about November 28, 2006.

Net proceeds from the proposed offering will be used to fund future acquisitions, and for general corporate purposes.

About Western Financial Group

Western Financial Group is one of the leading western-based financial service companies in Western Canada. With offices in towns and small cities across the West, the Company provides more than 250,000 customers with insurance, investment and banking products through WFG
Agency Network, Western Life and Bank West.

For more information on Western Financial Group, please contact:
Jodi Greig, Corporate Communications Manager,
Western Financial Group,
(403) 652-2663